Latest From the Blog

Tax Tip, Financial Statements, Balance Sheet, Profit and Loss Statement, Income Statement, Cash Flow Statement, Accrual Method, Accounts Receivable, Accrued Liabilities Ana Mendez Tax Tip, Financial Statements, Balance Sheet, Profit and Loss Statement, Income Statement, Cash Flow Statement, Accrual Method, Accounts Receivable, Accrued Liabilities Ana Mendez

Financial Statements

You are working hard, very hard. In fact, you have never worked so hard in your life. Your employees are also working hard. Therefore, your business must be doing, amazingly well. Right? BUT...your bank account is nearly empty, your desk drawer is full of checks that you can't mail, and your line of credit is maxed. So, what is wrong - where is all the cash going? Often, the mystery may be explained by analyzing your financial statements.

Read More
Tax Tip, S Corporation, C Corporation, Entity Choice Ana Mendez Tax Tip, S Corporation, C Corporation, Entity Choice Ana Mendez

Converting an S Corporation to a C Corporation

Entity choice is important for many reasons. Asset protection and tax considerations are always near the top of the list. As a business progresses through the five (5) phases of a life cycle: start-up, growth, maturity, renewal/rebirth/decline and succession– the factors that earlier prompted a particular choice of entity may change. And, a new entity choice may become more appropriate.

Read More
Tax Tip, Business Help, Individual Help, Tax Payment, Tax Payment Help, Loans, Online Payment Plans, Short-term Payment Plan, Long-term Payment plan, Delayed Collection, Penalty Relief, Offer in Compromise Ana Mendez Tax Tip, Business Help, Individual Help, Tax Payment, Tax Payment Help, Loans, Online Payment Plans, Short-term Payment Plan, Long-term Payment plan, Delayed Collection, Penalty Relief, Offer in Compromise Ana Mendez

There is Always a Way to Pay Your Taxes

Taxes usually aren’t much fun. They’re even less fun when one cannot afford to make payments without serious financial hardship. Don’t worry, the good old IRS has some ways to still get its money. This article, written by the IRS, details some avenues for paying your taxes when you can’t pay all at once, including getting a loan, payment plans, penalty relief, and more.

Read More
Tax Tip, New Year, End of Year, W-2, W-2G, 1098-C, 1099-NEC, 1099-MISC, 1099-INT, 1099-DIV, 1099-B, 1099-C, 1099-K, K-1s, 1098 Ana Mendez Tax Tip, New Year, End of Year, W-2, W-2G, 1098-C, 1099-NEC, 1099-MISC, 1099-INT, 1099-DIV, 1099-B, 1099-C, 1099-K, K-1s, 1098 Ana Mendez

Happy New Year!

Happy New Year!

And get ready for the tax filing season.

Hopefully, you followed some of the suggestions outlined in Publication 552 to organize your records. If you did, great! This will make filing your tax returns a lot easier this year. It also means that you and your tax advisor can spend more time on tax and financial planning issues for 2023 vs. looking back to 2022.

Read More
Tax Tip, Tax Rate, Income Tax Brackets, Income Tax, Federal Income Tax Rates, Single, Married Filling Jointly, Tax Changes, 2022 Tax Changes, Inflation Impact, Capital Gains Tax Rates, Capital Gains Tax on Real Estate, Roth IRAs, 401(k), Contribution Limits, General, Uncategorized Ana Mendez Tax Tip, Tax Rate, Income Tax Brackets, Income Tax, Federal Income Tax Rates, Single, Married Filling Jointly, Tax Changes, 2022 Tax Changes, Inflation Impact, Capital Gains Tax Rates, Capital Gains Tax on Real Estate, Roth IRAs, 401(k), Contribution Limits, General, Uncategorized Ana Mendez

Knowing Your Tax Rate

When dealing with various financial circumstances such as promotions, benefits, and marriage or divorce, it can be difficult to determine how much in taxes you will owe to the federal government. This article from Kiplinger written by Rocky Mengle serves as a great refresher for understanding taxes which can help you plan for your financial future.

Read More
Tax Tip, Traveling Taxes, Business Deductions, Travel Deductions, Deductions, Taxpayer Deductions, Travel Expenses, Self-Employed Deductions, Self-Employed Travel Deductions, National Guard Deductions, Military Reserves Deductions, Recordkeeping, Tax Planning, Electronic Tax Filing Ana Mendez Tax Tip, Traveling Taxes, Business Deductions, Travel Deductions, Deductions, Taxpayer Deductions, Travel Expenses, Self-Employed Deductions, Self-Employed Travel Deductions, National Guard Deductions, Military Reserves Deductions, Recordkeeping, Tax Planning, Electronic Tax Filing Ana Mendez

How to Avoid Taxes by Traveling

This week’s tax tip is for all of our traveling business people and the deductions you can get for business trips. Ironically, this week’s tax tip is brought to you by the very same people who want you to pay your taxes, the IRS! The article includes the various deductions one can list on their taxes due to business including food, gas, transportation tickets, and most importantly, how to document all of that so it is easy to file your taxes when the time comes.

Read More